The minister made the announcement at the 2016 National Insurance Conference (NIC) which is currently holding in Abuja. Adeosun said the persistent under-performance of the sector came to the fore during the 2014 Insurance Summit.

According to Adeosun, the issues responsible for the under-performance need to “because a 0. 33 per cent increase in insurance penetration can result to a growth of 0.5 per cent in GDP."

The minister said that the increment could create over 70,000 jobs annually. Adeosun argued that the industry was under-performing, compared to its pension and banking counterparts.

She identified a lack of awareness as one of the factors responsible for the under-performance of the sector, pointing out that out of 57 insurance companies in the country, less than 23 advertised their products.

“The companies put in less than 20 adverts on television, less than 10 adverts on radio and less than 10 adverts on social media.

“Other factors include poor distribution channels and unethical practices among operators. I’m working vigorously with the National Insurance Commission (NAICOM) to ensure that premium discounting is eliminated among practitioners,” Adeosun stated.